Del, Home Buyer in Palm Beach County, FL

I need a short term loan of $20-30K to be repaid after 6 months, where do I get this?

Asked by Del, Palm Beach County, FL Tue Jul 12, 2011

Can I get a Fannie Mae Homepath Loan? I am buying a FM Homepath home.

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Deborah Garvin’s answer
You do not indicate what you need the funds for; however, I am going to assume it is for renovation of the home. Homepath has a renovation component for the purchase of a FM foreclosure. Talk with a mortgage consultant on the pros and cons of the loan. Otherwise, I agree hard money is going to be your only option.
1 vote Thank Flag Link Wed Jul 13, 2011
Del, It sounds like you may want to find a private or hard money lender. A good place to start is with the smaller, local mortgage brokers, since they often have a network of private lenders. You should expect to pay a higher interest rate (10-15% is not uncommon) and points. In Tucson, the hard money lenders will loan 50-70% loan to value. They will insist on a lien to protect their investment, however that will free up some of your cash for the rehab.

Is this your first rehab?

Feel free to contact me through my website if you would like to talk further.

Web Reference:
1 vote Thank Flag Link Wed Jul 13, 2011
IF this loan is intended towards the repair of the property you are purchasing, then it is possible to apply for a Rehab Loan, how to compute the estimated money needed to rehab the property? hire a certified general contractor to get you an estimate. Another option would be a private/hard money lender, but interest rates are higher, and could be repaid in no less than a year.
0 votes Thank Flag Link Sat Oct 8, 2011

I am a local realtor who deals with private money lenders. Please give me a call at 954-358-4847 Ext 1340 so that I can determine what kind of help I can provide you with. Otherwise, you may email me your specific issues/situation.
0 votes Thank Flag Link Sun Jul 17, 2011
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